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the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very different era. do you agree with eric's take? is the right strategy for republicans to stick to their guns, forget about compromise? >> no. i really don't -- eric is one of my favorite people. we talk a lot. but i think that, and i did work for the speaker gingrich during the shut-down fight in '96, and it did not work out well for republicans. the president has a much bigger bully pulpit than the speaker does. newt gingrich's bully pulpit was pretty big back in those days but at some point, republicans in the house -- and i think boehner is trying to look for ways to do this, speaker boehner,
the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very different era. do you agree with...
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you have washington elite chanting fiscal cliff, fiscal cliff, hoping to convince republicans to do something stupid because the alternative would be going off the fiscal cliff. it is and of people, the very people trying to bully us now. all you have to say is let's break it into 12, 15 foothills, no cliffs. now one by one, solve each of the smaller problem we get to some solutions. you don't have to panic over this i want to confess something. what i outlined for you, i copied from tip o'neil. when he was faced with ronald reagan in 1981, he knew he couldn't beat him in head-to-head negotiating but thought he could preserve the democratic party and welfare state in a long battle of attrition. o'neil who had a ran senate, republican president, used the power of house over and over again to slow the momentum. i think republicans got to understand they are not going to get any good deal from barack obama. he has contempt for them. he shows that on a regular basis. he's a hard-line left winger. they've got to think through the american people have chosen him he's going to be our presi
you have washington elite chanting fiscal cliff, fiscal cliff, hoping to convince republicans to do something stupid because the alternative would be going off the fiscal cliff. it is and of people, the very people trying to bully us now. all you have to say is let's break it into 12, 15 foothills, no cliffs. now one by one, solve each of the smaller problem we get to some solutions. you don't have to panic over this i want to confess something. what i outlined for you, i copied from tip...
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the week center on a big worry. >> this fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> we could actually go off the fiscal cliff. >> we're facing a fiscal grand canyon. >> okay. so it's a big deal. question is can these guys strike a deal? >> i've got to repeat. i've got a pen. >> meantime, damage control for u.n. ambassador susan rice out to smooth things over with this week with republicans after those benghazi talking point. >> exextremist elements came to the consulate as this was unfolding. >> it didn't work. now their talking points. >> we are significantly troubled. >> i want to say that i'm more troubled today. >> democrats shot back. >> they are not only blaming her for this intelligence report, they are trying to blame her for the actual tragic event. >> i've seen so much crazy stuff in this house could i write a book. >> or make an internet video. >> not be a true god-fearing person and be on a television show like that. >> that's actor angus t. jones, the "two and a half men" star caught slamming his own tv show. >> if you watch "two and a half men," please don't watch "two a
the week center on a big worry. >> this fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> we could actually go off the fiscal cliff. >> we're facing a fiscal grand canyon. >> okay. so it's a big deal. question is can these guys strike a deal? >> i've got to repeat. i've got a pen. >> meantime, damage control for u.n. ambassador susan rice out to smooth things over with this week with republicans after those benghazi talking point. >>...
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take a look. >> what is the fiscal cliff? >> we're from new mexico out here to clean up. >> no idea. >> the cliff? how tall is it? >> i have no idea. >> where is it? >> can i google it? >> bad news. it's bad news. fiscal cliff. >>> end of the world, apparently, right. >> if you wanted to take one of these cliff bars, if you wanted to take one that tasted like the fiscal cliff. >> which one would you choose and why? the one that tastes like crap. >> we're all going to fall off the face of the earth. >> they need to fix it. that's what they're paid for. >> what happens if they don't? >> we're going to lose some money. >> it reminds me of something i learned in school, i'm going to guess some like of cliff, avalanche. >> how tall is it? >> i'd say at least like 370 some feet. >> i don't know. it sounds like something disgusting to eat or something. >> you heard of it? >> it's part of our economy going choooooooo. >> i'm pretty sure we don't have a fiscal cliff. >> we fell off of it. >> yes, we did. >> is it a dangerous cliff? >>
take a look. >> what is the fiscal cliff? >> we're from new mexico out here to clean up. >> no idea. >> the cliff? how tall is it? >> i have no idea. >> where is it? >> can i google it? >> bad news. it's bad news. fiscal cliff. >>> end of the world, apparently, right. >> if you wanted to take one of these cliff bars, if you wanted to take one that tasted like the fiscal cliff. >> which one would you choose and why? the one...
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fiscal cliff fiscal cliff fiscal cliff if you completely fell off the mainstream news clip this week here's what you might have missed can you hear me now no more reindeer games in washington president obama and house speaker john boehner finally on speaking terms but the question is are they speaking each other's language when it comes to the fiscal cliff falling off the fiscal cliff into freefall is there a soft landing or not would it be the end of the world if washington failed to reach a deal to stop the more than half a billion dollars in spending cuts and tax increases from going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as quote an unaccep
fiscal cliff fiscal cliff fiscal cliff if you completely fell off the mainstream news clip this week here's what you might have missed can you hear me now no more reindeer games in washington president obama and house speaker john boehner finally on speaking terms but the question is are they speaking each other's language when it comes to the fiscal cliff falling off the fiscal cliff into freefall is there a soft landing or not would it be the end of the world if washington failed to reach a...
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. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> but why doesn't the market care? let's find out right now. >>> live from the nasdaq market site in new york city's time square, i'm melissa lee. here are tonight's top three trades. solving the apple mystery. want to know what's behind apple's troubles this week? we here at "fast" have gotten to the bottom of the selloff. we'll tell you what it means. plus, freeport fizzles. the fine print on why the company's two big buys are raising big red flags. >>> and nat gas revolution, the government says exporting nat gas could be a game changer for america's economy, but at what cost? we'll take a deeper dive to find some answers. but first, our top story tonight. >>> everyone cares about the fiscal cliff, except, seemingly, the markets. just 25 days until the year end deadline and still no deal out of washington. still stocks quietly climb higher. the dow closing today at a one-month high. what gives? just an assumption that a deal -- >> it almost gets back to that you never short. we're all waiting for some type of closu
. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> but why doesn't the market care? let's find out right now. >>> live from the nasdaq market site in new york city's time square, i'm melissa lee. here are tonight's top three trades. solving the apple mystery. want to know what's behind apple's troubles this week? we here at "fast" have gotten to the bottom of the selloff. we'll tell you what it means. plus, freeport fizzles....
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fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff is not that big of an issue. maybe that's why the averages once again refuse to drop dramatically, the dow falling 60 points. despite the obvious impasse i saw firsthand when i appeared on "meet the press" with david gregory this weekend, i know i've been interpreting the market's relative success through a difficult period. success is defined by no huge hammering like we had during the debt ceiling crisis as a sign that either perhaps people didn't understand what awaits them -- no no! or that there might be a deal on the horizon to avoid the fiscal cliff, the fact that the republicans put out an offer, like their old offer before the president won re-election, it does feel like the two sides are talking, but they appear to be talking past each other. the clock is really ticking in washington. ticking against a deal. i think the two sides seem to hate each other more than ever. i don't now, it seems like the last 72 hours i was hoping it was going to get better and it seems like it got worse. i spent a to
fiscal cliff buoyant because the fiscal cliff buoyant because the fiscal cliff is not that big of an issue. maybe that's why the averages once again refuse to drop dramatically, the dow falling 60 points. despite the obvious impasse i saw firsthand when i appeared on "meet the press" with david gregory this weekend, i know i've been interpreting the market's relative success through a difficult period. success is defined by no huge hammering like we had during the debt ceiling crisis...
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everybody in washington is talking about the fiscal cliff. the so-called fiscal cliff. they're not talking to each other at the moment. that is what the conversation is going to get to, how do we avoid going over the so-called fiscal cliff? you suggested that the fiscal cliff might be good. i got a chance to go through your book. i understand, i think, why you might feel that way. the book argues that we need disorder to develop. we need disorder in our world to develop. we will come back to the book in a moment. based upon the motion -- that notion, why might the fiscal cliff be a good thing? >> we have been stuck for four years in a state of complacency. nobody wants to do anything about the accumulating problems. everybody knows about the problems. i think the civilization is masking deeper problems. if you let markets give you information, they will give the information. other than artificially prop up everything, like having the federal reserve control prices. this is not a long-term sustainable situation. what i think should happen is -- you would rather fail earl
everybody in washington is talking about the fiscal cliff. the so-called fiscal cliff. they're not talking to each other at the moment. that is what the conversation is going to get to, how do we avoid going over the so-called fiscal cliff? you suggested that the fiscal cliff might be good. i got a chance to go through your book. i understand, i think, why you might feel that way. the book argues that we need disorder to develop. we need disorder in our world to develop. we will come back to...
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the reason for that is really clear: a lot of it has to do with the fiscal cliff. > the fiscal cliff. you asked some questions about that. what were the findings there? > > we really asked about how much is the fiscal cliff impacting you in terms of whether you are going to hire or not. what we found is that 60% of folks said they are going to hold off on bonuses for wait and see what happens with the fiscal cliff before they make some decisions around that. we saw almost 40% of small businesses saying, "if we even thought about hiring, we are going to wait until we get some kind of resolution around the fiscal cliff. and most concerning to me, 60%+ of small businesses don't believe the government can figure out how to solve this fiscal cliff. > c'mon congress and president. all right, michael alter. i'm going to see you in a month. let's see if some things are improving. i appreciate it. > > i can only hope. thanks for having me. just ahead, are banking stocks ready to short circuit? a couple of traders charge in with their views after the break. >-.y÷$@y+o3vhpe the time has come fo
the reason for that is really clear: a lot of it has to do with the fiscal cliff. > the fiscal cliff. you asked some questions about that. what were the findings there? > > we really asked about how much is the fiscal cliff impacting you in terms of whether you are going to hire or not. what we found is that 60% of folks said they are going to hold off on bonuses for wait and see what happens with the fiscal cliff before they make some decisions around that. we saw almost 40% of small...
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the former speaker of the house calling the fiscal cliff a fantasy that will appear out of nowhere just like the land of oozdid. speaker gingrich is here to tell us about his message for the gop. but first rush limbaugh has a message for democrats. >> you want to go after rich people? go after yourselves, democrats. start with your own perks. show us you've got some skin in the game instead of blaming everybody else. >> no substantive progress has been made in the talks between the white house and the house the last two weeks. >> we're not going to kick the can down the road. this is no time for delay. >> how gutless is it to blame the taxpayers? >> compromise is necessary in the democrats process, but if we come together we will meet this challenge, and make this session of the congress not a lame duck congress, but a blind duck congress. >> listen, this is not a game. jobs are on the line. the american economy is on the line. >> we've got to reduce our long-term deficit. that's also important to long-term economic growth. and we have said we need to do that in a balanced way. >> how g
the former speaker of the house calling the fiscal cliff a fantasy that will appear out of nowhere just like the land of oozdid. speaker gingrich is here to tell us about his message for the gop. but first rush limbaugh has a message for democrats. >> you want to go after rich people? go after yourselves, democrats. start with your own perks. show us you've got some skin in the game instead of blaming everybody else. >> no substantive progress has been made in the talks between the...
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cliff discussions by folding the debt ceiling into fiscal cliff talks. take a listen. >> obama: congress, in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation which by the way we have never done in our history until we did it last year, i will not play that game. >> jennifer: fortunately for us "newsweek" "daily beast" special correspondent michael tomasky is always up for playing political games himself. he's joining us from washington d.c. thanks for coming back inside "the war room." >> it is always my pleasure, governor. >> jennifer: always a pleasure to have you. so let me talk about this debt ceiling issue. because really, as we look at it really, the only leverage that republicans have on the fiscal cliff talks they proceed to be with the debt limit right? so today the treasury department ups the ante by endorsing republican senator mitch mcconnell's summer 2011 provision which, you know, he suggested and it effectively lets the president rai
cliff discussions by folding the debt ceiling into fiscal cliff talks. take a listen. >> obama: congress, in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation which by the way we have never done in our history until we did it last year, i will not play that game. >> jennifer: fortunately for us "newsweek" "daily beast" special correspondent michael tomasky...
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everybody knows about the fiscal cliff. your kids probably know about the fiscal cliff. this is a new moment, which is filled with guys, but that it is also an opportunity, which is if we can't do it now or this member of congress new changes have to be made in may for the ness partner with these changes need to be, but something forces them to do it, and this is the best move that we've had. let's hope we don't go through these political values for they fight it out and we are almost frustrated because they can't cover and the headline the next day after wachovia put together since the u.s. still faces a huge fiscal problem. what we really want to do is put in place a plan big enough to fix the problem and that's going to be what's going to have the upside of the certainty of stability around the corner and importantly finally showing to all of us that this country can govern itself. the whole world is watching right now i'm rooting for us. people want the united states to claim out and fix this problem and the clock is ticking as we wait to see if they'll be able to do
everybody knows about the fiscal cliff. your kids probably know about the fiscal cliff. this is a new moment, which is filled with guys, but that it is also an opportunity, which is if we can't do it now or this member of congress new changes have to be made in may for the ness partner with these changes need to be, but something forces them to do it, and this is the best move that we've had. let's hope we don't go through these political values for they fight it out and we are almost...
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they have the time. >> greta: what is the big secret about the fiscal cliff? senator jeff sessions blasting president obama and congressional leaders for holding secret talks. he joins us. what do you moon by secret? >> these talks are -- these talks are going on somebody leaked part of what is going on some sort of outline from the white house that seeps to be unacceptable to the republicans. why don't we see the whole plan? why doesn't the american people know what the president would like to see as the final idea for america's financial future? >> greta: the interesting thing is in some ways sometimes you want to have a secret meeting so you can speak candidly. the problem is, we've had so many secret meetings. the super committee, the gang of six, the gang of eight, committees now, the problem is i might be for these secret discussions about the fiscal cliff if any within had worked. we have a history repleat with failure. i agree, it should be out in the open. >> first of all, these secret talks violate the principle of american government that would be o
they have the time. >> greta: what is the big secret about the fiscal cliff? senator jeff sessions blasting president obama and congressional leaders for holding secret talks. he joins us. what do you moon by secret? >> these talks are -- these talks are going on somebody leaked part of what is going on some sort of outline from the white house that seeps to be unacceptable to the republicans. why don't we see the whole plan? why doesn't the american people know what the president...
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but maybe we get through the fiscal cliff, but then another fiscal cliff comes, that's the whole point of this. >> in fact, and there was a proposal this week to try it get rid of the fiscal cliffs and no longer give congress full power to extend the debt. but i think, i'll tell you what, i'm kind of curious to see the other guys, i think we're going over the fiscal cliff because i thk that congress would much rather have us go over the fiscal cliff and then vote to lower taxes and increase spending and they can't bare to raise taxes and reduce spending and that's where we'll end up in three months and have a vote to lower taxes and increase spending. >> jonas what does it do in the short-term, i know you're talking long-term. but short. >> they're scaring erybody about this, like we've got to keep pushinon or the world is going tond and it's not as bad a the politicians are pretending it is even. look, it's not a good thing, but psyched into a level and it will be worse than the real effect of having the tax increase on the government level and that's the danger, using it as a tool to
but maybe we get through the fiscal cliff, but then another fiscal cliff comes, that's the whole point of this. >> in fact, and there was a proposal this week to try it get rid of the fiscal cliffs and no longer give congress full power to extend the debt. but i think, i'll tell you what, i'm kind of curious to see the other guys, i think we're going over the fiscal cliff because i thk that congress would much rather have us go over the fiscal cliff and then vote to lower taxes and...
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as for reaching a fiscal cliff, the narrative today in the media and in the world of politicos. we have gone over the cliff. we went over the cliff when we engaged in quantitative easing 2 and 3 and went four years without a budget, no blueprint to figure out how to rein in this dysfunctional, overgrown government that is based on borrowed money from foreign countries that don't necessarily like us and borrowed money from our children and grandchildren. we have gone over the cliff. now it's just a matter of how hard are we going to thump at the bottom of the cliff? >> am i too hard on politicians? i struggle with the thought of their work ethic being up for the job. i travel a lot. i see people without jobs, people are worried about losing jobs. we have known about the fiscal cliff and the sequestration and the tax increases or not tax increase, since a minimum of august of 2011. >> they have done nothing, except have a lot of chatter, no product. they have the super committee in november of 2011. they couldn't reach an opinion. so did they meet in december in no. january? no. f
as for reaching a fiscal cliff, the narrative today in the media and in the world of politicos. we have gone over the cliff. we went over the cliff when we engaged in quantitative easing 2 and 3 and went four years without a budget, no blueprint to figure out how to rein in this dysfunctional, overgrown government that is based on borrowed money from foreign countries that don't necessarily like us and borrowed money from our children and grandchildren. we have gone over the cliff. now it's...
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we're in the fourth quarter as we approach the fiscal cliff. if we can deliver like rg iii delivers, we'll be doing well. the question i would ask is why the hell are we in the fourth quarter? why wasn't this done in the first quarter? >> well, piers, as you know, there were a number of efforts before the election to get this done and there were major differences between the parties, and those parties became a big part of the conversation during the presidential debate. the president could not have been clearer that he wanted to do two things. he wanted to boost economic growth by doing things like investing in our infrastructure which used to be a bipartisan idea, but also, extending middle class tax cuts and as you said, asking the wealthiest to pay a little bit more to reduce the deficit. that was part of the conversation. so we would hope that the election would break a little bit of this logjam. obviously that hasn't happened yet. the president's put his plan on the table. i'm still very hopeful, piers, that we'll get there. i agree with y
we're in the fourth quarter as we approach the fiscal cliff. if we can deliver like rg iii delivers, we'll be doing well. the question i would ask is why the hell are we in the fourth quarter? why wasn't this done in the first quarter? >> well, piers, as you know, there were a number of efforts before the election to get this done and there were major differences between the parties, and those parties became a big part of the conversation during the presidential debate. the president...
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falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price will also depend on whether central banks continue to diversify their holdings into gold, and whether they implement more quantitative easing to boost growth. the outlook for platinum is a little more complicated. there have been major supply disruptions due to labor unrest in south africa, which produces nearly all of the world's platinum. it also depends on demand. >> europe is a key part of the platinum demand picture. if europe can recover, certainly that's going to bode well for platinum demand. if the price trades higher, it may affect som
falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price...
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ben, what is your fiscal cliff strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market debt. these monetary authorities are done tightening. they fought the inflationary problem that they had successfully. they're in hoed. yield curves could shift down. we stress doing it in local currency. the other areas are u.s. high yield, which i still think is valuable. we do think spreads will contract and emerging market equities as well. >> jordan, what about you? how are you preparing for what could be an eventuality where we go over the cliff and we've got to deal with higher taxes and a slower economy? a lot of people expecting reces
ben, what is your fiscal cliff strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market...
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and we have this thing that "fiscal cliff," that so-called "fiscal cliff" "fiscal cliff" that we're sick of. how is that going to impact the whole job situation? >> reporter: you know, for a while it looks like it wasn't going to but in recent surveys we see that businesses are putting off investing and hiring until congress and the president finish their wrangling. i think the reason is pretty clear. uncertainty over taxes and the impact of scheduled government cuts on the economy is really making it hard for companies to plan. so instead, they are keeping their spending in a wait-and- see mode and again, that's going to persist until we get resolution. for more on the jobs report preview, go to moneywatch.com where we warn that things could get ugly in the labor market before they turn around. >> okay. jill schlesinger, editor at large for cbsmoneywatch.com, thank you. >>> i'm going to have to separate my coanchor and our weather guy because we have a quasi denver bronco fan here, she grew up there. we'll let her have that. quasi. and a huge raider fan. >> and they play tonight. huge r
and we have this thing that "fiscal cliff," that so-called "fiscal cliff" "fiscal cliff" that we're sick of. how is that going to impact the whole job situation? >> reporter: you know, for a while it looks like it wasn't going to but in recent surveys we see that businesses are putting off investing and hiring until congress and the president finish their wrangling. i think the reason is pretty clear. uncertainty over taxes and the impact of scheduled...
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we go off the fiscal cliff. 2013 comes. we go into recession. doesn't that hit corporate earnings, which, of course, has been the best part of this recovery anywhere? >> there's no question about that. i would contend that the market has probably already factored most of that in. when you can buy a number of stocks -- in the hodges small cap fund, we have a number of stocks trading below their growth rate. that's telling you that the market is not expecting good growth. when you can buy stocks that are growing at 20% a year at ten times earnings, that's a good valuation. there are a number of those situations there that we're seeing left and right. >> got to go, guys. >> okay. >> sorry, jeff. you know how that works. you guys on the website, you get unlimited amount of space. just go on. >> tell me editor. >> i know. >> thanks, guys. see you soon. let's get over to jackie deangelis with a quick market flash. >> hey, there. watching shares of super value tanking on a headline that talks have stalled. reportedly struggling to get financing for a s
we go off the fiscal cliff. 2013 comes. we go into recession. doesn't that hit corporate earnings, which, of course, has been the best part of this recovery anywhere? >> there's no question about that. i would contend that the market has probably already factored most of that in. when you can buy a number of stocks -- in the hodges small cap fund, we have a number of stocks trading below their growth rate. that's telling you that the market is not expecting good growth. when you can buy...
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economists blame everything from sandy to worries over the fiscal i cliff. >> reporter: the fiscal cliff is still three weeks ago the economy may have already taken a hit economists predict the jobs report will show employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason, worry over the fiscal cliff may have also had an impact. some estimate at least 200,000 fewer jobs have been created this year, due to urn certainty about the fiscal cliff. -- >> reporter: >> the president: it is important we get this done now. >> reporter: in washington republicans and democrats are talking, no breakthrough locked in a stalemate. president obama demanding higher tax rates for the wealthy and permanent extension of the debt ceiling be part of a deal. >> he showed what is he is after is assuming unprecedented power without limit. >> reporter: republicans say they will only raise tax revenue in exchange for deep spending cuts. if washington can't strike a deal one casualty would be the end of compensation for long term unemployed, people like melinda worried. >>
economists blame everything from sandy to worries over the fiscal i cliff. >> reporter: the fiscal cliff is still three weeks ago the economy may have already taken a hit economists predict the jobs report will show employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason, worry over the fiscal cliff may have also had an impact. some estimate at least 200,000 fewer jobs have been created this year, due to urn certainty about the fiscal cliff. --...
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if we got the fiscal cliff. gerri: with the defense cuts come if we do over the cliff, it will cost $100 million or over that? >> 137 million. gerri: would this put you into the red? >> it certainly could. we are still looking at obama's health care plan and what it will do to the state budget. the federal strings are tied. i asked the president about this. the federal funds that come down to the state as you may cuts -- we can still have the strength attached to it. it doesn't give leeway to meet your unique circumstances in our state. we are all different. different budgets, different employment rates, different constitutions, different laws. different styles of living and means within our budget. give us some flexibility. gerri: i expect you to be a little bit more upbeat about the fiscal cliff, but i have to tell you, you sound like a lot of people in washington today. concerns over whether these leaders can get together and find common ground and resolve this issue. it would be meaningful to stay like yours
if we got the fiscal cliff. gerri: with the defense cuts come if we do over the cliff, it will cost $100 million or over that? >> 137 million. gerri: would this put you into the red? >> it certainly could. we are still looking at obama's health care plan and what it will do to the state budget. the federal strings are tied. i asked the president about this. the federal funds that come down to the state as you may cuts -- we can still have the strength attached to it. it doesn't give...
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Dec 6, 2012
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a pretty good day enthough there is no sign of any resolution on the fiscal cliff. the dow stands back above 13,000, thank you very much, a gain of almost 83 points in trade yesterday. the nasdaq was off by 23 points and the s&p 500 was up by 2. sales of foreclosed homes rose 21% in the fourth quarter compared to the previous quarter. foreclosed -- foreclosure related sales accounted for 19% of all u.s. residential sales from july through september. foreclosed homes also sold for 32% less than the average price of a home not in foreclosure. it weighs down the price of all homes in the surrounding neighborhoods. >>> citigroup is eliminating 11,000 jobs. its goal is to rouse expenses and improve efficient -- reduce expenses and improve efficiency. it will close some branches. >>> apple stock fell over 6% yesterday. it's down another 2% today after hours trading to make matters worse, the stock now down 22% from its all time high. here's why. a research firm raised its outlook for sales of tablet computers and said apple's ipad probably won't be able to hold on to its
a pretty good day enthough there is no sign of any resolution on the fiscal cliff. the dow stands back above 13,000, thank you very much, a gain of almost 83 points in trade yesterday. the nasdaq was off by 23 points and the s&p 500 was up by 2. sales of foreclosed homes rose 21% in the fourth quarter compared to the previous quarter. foreclosed -- foreclosure related sales accounted for 19% of all u.s. residential sales from july through september. foreclosed homes also sold for 32% less...
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Dec 6, 2012
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subtract 3.5, that is a severe recession. >> if we go off the fiscal cliff with no policy changes the near-term negative economic consequences would be significant and most assuredly throw us into a recession. >> comes a day after treasury secretary tim geithner told cnbc the white house is prepared to go the distance if its demands are not met. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again we see there's no agreement that done involve those rates going up on the top 2% of the wealthiest. remember it's only 2%. >> former senator alan simpson, co-founder of the fix the debt campaign, choice words and analysis for would-be cliff jumpers. >> when you have leaders of parties and people from the administration saying, i think it will be to the advantage of the democrats to go off the cliff, wealthy it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> surprising exactly no
subtract 3.5, that is a severe recession. >> if we go off the fiscal cliff with no policy changes the near-term negative economic consequences would be significant and most assuredly throw us into a recession. >> comes a day after treasury secretary tim geithner told cnbc the white house is prepared to go the distance if its demands are not met. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again we...
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Dec 3, 2012
12/12
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more now on the fiscal cliff. one of the industries with the most at stake in the budget debate is the defense industry. in a meeting today in washington, northrop grumman ceo wes bush with a dire warning. >> it would result in across the board cuts to both defense and nondefense accounts. and the interesting thing about this is the cuts are not tied to any military strategy whatsoever. it is completely disconnected from a perspective of strategy. in essence these would be meat axe taken to our national defense budgets. >> let's go straight to the front lines of the issue. task specializes in systems, engineering and integrate. president and ceo david langstaff is with us, among the defense contractors speaking out today in washington. he joins me now on the telephone. sir, good to have on you the program. thanks for joining us. >> thank you. glad to be with you. >> what's the potential fallout for task if we go over the fiscal cliff. how would you navigate this? >> first, it's just terrible policy to go over the
more now on the fiscal cliff. one of the industries with the most at stake in the budget debate is the defense industry. in a meeting today in washington, northrop grumman ceo wes bush with a dire warning. >> it would result in across the board cuts to both defense and nondefense accounts. and the interesting thing about this is the cuts are not tied to any military strategy whatsoever. it is completely disconnected from a perspective of strategy. in essence these would be meat axe taken...
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we need to avoid the fiscal cliff. >> one thing you want javier to agree to, to avoid the fiscal cliff. >> we need to have the spending cuts. >> give me an example? >> well, it is looking at the spending, entitlement reform, and growth in government. the president is moving in the wrong direction. he proposed higher taxes than he ever said during the campaign, more stimulus, more spending, that's moving us in the wrong direction. >> go ahead and respond. >> how much spending cuts do we want to see? i could tally up for you right now, $3 trillion with the spending cuts that we already enacted in law in the last year and a half. $1 trillion that came from the budget control act that was passed a year ago, that said a trillion dollars has to start coming up now, and that has begun. another trillion dollars which is going to be enacted through the sequester. we still have them. and we can move forward. that's another trillion, 1.2 trillion. let me give you the other 800 billion. we cut -- democrats without a republican vote, $716 billion in -- and we found $716 billion in savings through m
we need to avoid the fiscal cliff. >> one thing you want javier to agree to, to avoid the fiscal cliff. >> we need to have the spending cuts. >> give me an example? >> well, it is looking at the spending, entitlement reform, and growth in government. the president is moving in the wrong direction. he proposed higher taxes than he ever said during the campaign, more stimulus, more spending, that's moving us in the wrong direction. >> go ahead and respond. >>...
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Dec 5, 2012
12/12
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tell us about fiscal cliff. are you worried about the fiscal cliff? >>guest: you bet your life. people in my district are, small business people if my district are concerned about it. people have to plan not just for the bill of today but the bills and the tax responsibilities they are going to have if tomorrow. i listened to a previous guest, the people, the small business people in my community, 97 per science -- percent to not make $250,000 a year personal salaries so they are not affected by the top 2 percent. having said that, they want people to get back to work. people to have jobs to have incomes to buy from the small business people. blue are small or large you want to know which, how are the laws going to be, what are the tax lie bills going to be, and this congress owes it to the american people to tell them. >>eric: congressman, america has always been about hard working people earning, creating jobs, creating opportunity, passing a better life on to the next generation, to their kids, i don't know, at some point maybe you say it is time to man up, go over the fiscal
tell us about fiscal cliff. are you worried about the fiscal cliff? >>guest: you bet your life. people in my district are, small business people if my district are concerned about it. people have to plan not just for the bill of today but the bills and the tax responsibilities they are going to have if tomorrow. i listened to a previous guest, the people, the small business people in my community, 97 per science -- percent to not make $250,000 a year personal salaries so they are not...
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Dec 7, 2012
12/12
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fiscal cliff is still three weeks away, but the economy may have already taken a hit. economists predict that the monthly jobs report will show that employers added more than -- less than 100,000 jobs in november. superstorm sandy may be part of the reason, but worry over the fiscal cliff may have also had an impact. economists predict that perhaps 200,000 jobs that you're -- 200,000 fewer jobs were created this year because of worries over the pasqual. republicans and democrats are talking again, but still no breakthrough. president obama is demanding that higher tax rates for the wealthy and a permanent extension of the debt ceiling be part of a deal. >> he shows what he is really after is assuming unprecedented power to spend taxpayer dollars. >> republicans who said they are open to raising tax revenue said they will only do so in exchange for deep spending cuts. if no deal happens one casualty would be long-term unemployment help. >> christmas would be off the table. >> aides to speaker boehner and president obama met yesterday. >> we are finding out what folks in
fiscal cliff is still three weeks away, but the economy may have already taken a hit. economists predict that the monthly jobs report will show that employers added more than -- less than 100,000 jobs in november. superstorm sandy may be part of the reason, but worry over the fiscal cliff may have also had an impact. economists predict that perhaps 200,000 jobs that you're -- 200,000 fewer jobs were created this year because of worries over the pasqual. republicans and democrats are talking...
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Dec 6, 2012
12/12
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tell me where you stand on fiscal cliff. what's going to happen here, congresswoman? >> well, i am hoping because i'm the kind of person that always worked across the aisle. in fact on my foreign-ones committee, kay granger and i have been called the odd couple, we work well together. i've spoken to hal rodgers, chairman of the appropriations committee, i'm optimist being that we can sit at the table and get these things done. comprehensive tax reform is going to take longer, but we can make sure that the middle class keeps its tax cuts. we can make sure we target some waste. you can have across-the-board cuts. we have to have a very clear plan to cut back on certain areas. we can't cut back on programs that benefit the working and the middle class. we have to make sure our kids are educated. we have to make sure they have health care. but there are places in the bill that we can cut, and we don't want to do it with a sledge hammer. we're wise enough to be able to use a scalpel. so, again, i hope that we can sit together, work something out and do it soon. frankly, th
tell me where you stand on fiscal cliff. what's going to happen here, congresswoman? >> well, i am hoping because i'm the kind of person that always worked across the aisle. in fact on my foreign-ones committee, kay granger and i have been called the odd couple, we work well together. i've spoken to hal rodgers, chairman of the appropriations committee, i'm optimist being that we can sit at the table and get these things done. comprehensive tax reform is going to take longer, but we can...